Challenger Banks in the UK
Banking is an unbearably dry topic, except in the UK, where the traditional incumbents are stuck in a pitched battle for survival with a swathe of new app-only “challenger banks.” Without a doubt, the most famous of these is Monzo. Data from Apptopia paints a rosy picture of the company’s growth, with monthly downloads of the company’s flagship app growing 211% in 12 months and 347% since January 2018.
While the traditional banks have a good edge on downloads over the past 12 months, their monthly figures are fairly static. Monzo and its fellow challenger banks are on a marked growth spiral.
It’s worth mentioning that downloads of the legacy banks don’t necessarily translate into new customers. It’s entirely possible to use a legacy bank without an app. I’d wager many of those downloads belong to existing customers, either installing the software on a new phone, or using app-based banking for the first time.